AGP Executive Report
Last update: 3 hours agoRBA and Markets: Australian shares retreated as investors braced for a likely fifth RBA rate rise to 4.85% on Tuesday, while a Wall Street tech sell-off weighed on sentiment. The Australian dollar held near US70.3¢. Westpac Results: The bank reported statutory profit of $6.8 billion, down 1%, as fierce mortgage competition squeezed margins. Underlying arrears rose in the second half; Westpac also warned budget tax changes could weaken investor demand for established homes. Its New Zealand arm’s annual profit fell 14%. Housing Pressure: Home prices fell for a seventh straight month. Another rate rise could further curb borrowing capacity and push up mortgage costs as buyer demand slows. Superannuation Oversight: ASIC has put funds on notice over poor complaints handling and payout failures, signalling tougher scrutiny. Deals and Regulation: AVID matched Warburg Pincus’ $2.24 billion bid for Ingenia Communities, while ASIC is probing bankers involved in the failed Firmus float. Star Entertainment accepted a $183.6 million anti-money-laundering penalty.
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